Lots of those projections are still floating around. Also lots of false suppositions being tossed around. I looked at the latest such info I could find which seemed to have some basis in reality.
From the early November Short Form Prospectus:
"While the Company is assessing the availability of sufficient financing, it has taken temporary measures to reduce
its cash burn over its historical rates, including a significant reduction in its rate of development, sourcing more cost-
effective resources and reducing its general and administrative overhead where possible. Having regard to the foregoing and contingent on the availability of sufficient financing allowing the Company to advance the development of its robotic surgical system in a timely and cost-effective manner as well as normalizing supplier relationships and resumption of normal course operations, and the absence of unanticipated product development and verification difficulties, the Company estimates that it will need to raise, in addition to the proceeds from the Maximum Offering, approximately US $70.0 million in order to be in a position to file its 510(k) application with the FDA in 2021."
This Prospectus was published with the proposed (subsequently cancelled) offering for Min $15M and max $25M. Therefore the estimate was $25M + $70M = $95M to get to 510K submission. This presumably includes instrument improvements, software development, electrical and biocomp testing, IDE application, rebranding (was still in the milestones before 510K), IRB approvals, and human confirmatory studies for the 510K. Interestingly, they also listed ongoing software development AFTER the 510K submission.
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When does the clinical testing start that is needed for FDA submission ? Also how much will that cost ? Do tell
Should be sued for keeping material info away from shareholders
** All you have to do is go back into Q1 or Q2 2019 timelines and look at the projected cost estimates for Milestones #9 to the end to give you an idea of what is still needed, $$$-wise
